Inventories of heavy distillates and residues increased to 10.787 million barrels, according to weekly data.

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Updated on 04 Sep 2017 12:27 GMT

The Middle East's leading bunker port, Fujairah, recorded a decline in inventory levels of refined oil products during the week ending August 28 despite a slight increase in heavy distillates and residues, according to data provided by S&P Global Platts and the Fujairah Energy Data Committee.

During the seven-day period to Monday, stocks of heavy distillates and residues rose to 10.787 million, the data showed.

Heavy distillates and residues make up more than half of the total volume of oil products stored at the UAE port, and in the week to August 28, the figure was at 55.8 percent.

Overall inventories of refined oil products were at 19.329 million barrels - a decline of 6.6 percent compared to the previous week. It was the first time in 11 weeks that stock levels fell below 20 million barrels.

Meanwhile, light distillate stocks (mainly gasoline and naphtha) dropped week-on-week by 1.393 million barrels, or 20.5 percent, to 5.394 million barrels. In terms of volume, it was the biggest decrease since S&P Global Platts started tracking Fujairah inventory data at the beginning of this year.